12/23/2017 5:11:00 AM by Quarles Business & Financial Strategists
Being a small business owner is no doubt a demanding and challenging lifestyle. You have built your business up from nothing but an idea, and sometimes it seems if you are not controlling every little thing it will all fall apart.
Do you find yourself working many late nights and weekends? Heaven forbid even thinking about taking a holiday, just imagine the chaos you would have to come back to.
Well, we know that being a business owner is a lot more challenging than being an average employee. The saying: “work smarter not harder” is most certainly applicable in this situation. What would you say if we told you there was a way to increase profit without spending more time on your business?
Keep on reading to find out how to get your weekend back, with a little extra spending money.
Here are 4 tips to increase profits and save time in your business:
How to Generate Passive Income
There are only so many hours in the day, and as such, there are only so many hours you can physically work. If you dedicate all your waking hours to your actual services and running the business, then what time do you have for developing new products or services, let alone taking a breather?
The problem most business owners face is trying to strike a balance. As the less time they spend on their products and services, the less profit they see come in.
The solution? Find a way to generate passive income. Passive income is a source of income that takes no on-going time or effort on your part however still produces a source of profit. Passive income can be generated in many ways, one common example is:
Write & publish an eBook on a subject that you have expertise in. Non-Fiction eBooks are surprisingly good sellers, and after the initial investment of time to write the eBook, there is no other real investment on your part to continue to see income growth.
How to Automate Your Business System
Take advantage of the technology available for simplifying your business management. Try and automate as many of your systems as possible. It may cost you in the short term regarding set up and program costs, but it will save you mountains of time in the future. Time that you can then devote to other areas of your business.
Have a look at some of the workflow management software available in the market. Workflow management software can help automate your most common business processes.
For example, WorkflowMax allows you to control a wide range of your companies systems from the one program. Its functions include but are not limited to:
Lead management
Generating quotes
Managing client information
Staff scheduling
Job management
Timesheets
Job costing
Purchase orders
Document management
Invoicing
Financial reporting
CRM
Customer Support
Payroll
Expense tracking
How to Outsource and Delegate in Your Business
One common problem many business owners suffer from is micro-management. The inability to step back and give up control of various parts of their business does nothing but add to your to-do list. By delegating menial tasks that don’t require your expertise, you will free yourself up to spend more time building your business up.
Another problem we frequently see in business owners is trying to do everything in the thought that this will save money and help with their profit margin. However, by outsourcing tasks that are not your speciality, such as marketing & business accounting, it may cost you a little, but it will once again save you in time that you can then invest elsewhere in your business.
How to Save Time and Earn More Money
We all know that in business, the most valuable commodity you have is time. However, when so many are constantly wasting their time on inefficient business practices, it pays to be reminded. Review your day-to-day practices, and you will be sure to find places where you can save time. Here are just a few ideas to get you started:
Check your emails less frequently to avoid chopping and changing between tasks
Set aside time in the day to not be disturbed unless necessary
Tell staff not to copy you into emails that you do not need to read
Avoid unnecessary and inefficient meetings
Hold meetings at your location to save time on travel
Write a to-do list, so you know what needs to be done
These are just a few of the ways you can save time and increase the profit of your business. The key message to take away for real success is to realise your time is a valuable commodity and as such needs to be invested wisely.
Well, we know that being a business owner is a lot more challenging than being an average employee. The saying: “work smarter not harder” is most certainly applicable in this situation. What would you say if we told you there was a way to increase profit without spending while spending less time on your business?
If you want to follow these steps but don’t know how to start, we are ready to help. Our experienced business advisors have been helping SME’s in Perth to integrate efficient business systems for over 40 years.
Click the button below to fill in our form for your Free Initial Business Consultation and see how can we help your business grow.